I was wondering, should i open up a buisness bank account for my online shop? i'm currently designing t shirts and other items on cafepress.com and i am workin on a website to showcase all my designs and put them all in one spot u know, and i'm thinking cafepress.com only offers credit card purchases,
should i open up a bank account ( buisness ) because i want to have my customers be able to pay with check and money order. and what do i need to open a bank account for my website buisness? want all the info i can get before i get it all done.
thanx alot hope to hear from u soon
Last edited by Solmu; February 18th, 2007 at 01:06 AM.
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Go to your bank and open a business account. Some banks might need a copy of your sellers permit and tax I.D number and some don't. Your bank will be able to tell you everything you will need to open an account. Good luck with your business.
__________________ Everything tastes better on a stick
You didn't say where you are. In the United States a few things you need to know about business bank accounts.
1) You will need your business formation documentation. That is either your Articles of Incorporation, Your Articles of Agreement, Your Statement of DBA.
2) You should shop around. Credit Unions will be less expensive than banks. Banks will charge you for everything. Here are some examples from a local bank here.
Monthly Fee
Deposit Fee
Withdraw Fee
Per Check Fee
Statement Fee
Talking to a Teller Fee
3) Think global, not just local. Local branches of your business bank are nice to have but if you can get a good deal on an out-of-area bank or a virtual bank that has no branches then you may want to try that route.
You should be separating your business and personal expenses whether it is in the same account or not. It is a lot easier of you have a business account but their are costs associated with it. I have seen people use their personal accounts for business but that wasn't the right way to go for us.
If you are in the UK, then a business bank account can be opened like any normal account, providing you are a sole-trader. You will need the usual forms of identification (passport, drivers licence, utility bill etc.) I would say it is definately worthwhile; for your customers, to pay your own bills and for note of accounts paid, received, etc. In the UK all banks are different with regards to charges, but it is minimal. If you ARE in the UK and need further information as to the best bank accounts, I can help you (having previously been a bank manager in a former life!) and running several businesses.
This has been discussed in the past -- the general conensus was that it was a very good idea to keep all personal and business transactions seperate. Less confusing, less potential problems with the government with taxes/etc.
Quote:
Originally Posted by binki
You should shop around. Credit Unions will be less expensive than banks. Banks will charge you for everything. Here are some examples from a local bank here.
* Monthly Fee
* Deposit Fee
* Withdraw Fee
* Per Check Fee
* Statement Fee
* Talking to a Teller Fee
I hope you're exaggerating I've never heard of these sorts of massive fees except from bank advertisements pretending their competitors did this :P
Our local bank has a small monthly fee if the total amount in the account is under $1k (no monthy fee over), and a per-check fee only if they number of checks used is a high number per month (100+ I think it was). No other fees, and the other banks in the area we looked at were fairly comprable.
i just opened a free business checking account at key bank yesterday, u may want to check them out $250 to start off the account. they have no minimum balance requirement or monthly maintenance service charge and 200 transactions per month at no charge
I hope you're exaggerating I've never heard of these sorts of massive fees except from bank advertisements pretending their competitors did this :P
No exaggeration. We went to 10 banks and most were about the same. If we went into the bank more than 3 times in a month we would be charged for each time over that. We would be charged for each check, each deposit, each non-check withdraw, etc.
We finally went to our credit union that gave us a free business account.
I feel a business bank account gives credibility that you are legitimate. I find it easier to keepmy money records straight. I wish you great success........... JB
Should i open a buisness bank account? 
Re: Should i open a buisness bank account? 
Everything tastes better on a stick 
I've never heard of these sorts of massive fees except from bank advertisements pretending their competitors did this :P
